Two of the major equity investors in Elon Musk’s Twitter takeover, Sequoia Capital and Binance, are still funding the purchase, according to sources close to both companies.
Sequoia Capital has committed $800 million to the deal already. After Musk’s latest offer for Twitter, it looks like the deal may be done soon. A source close to the Sequoia funding matter says that the company will not be pulling out, and still stand by Elon.
Binance, on the other hand, has contributed around $500 million to Musk’s purchase of the popular social media platform. A spokesperson directly from the company confirms that the worlds leading crypto exchange network will also stay in the deal of funding the transaction.
On Oct. 4, Elon Musk proposed to buy Twitter for an initial offer of $54.20 a Share. Musk initially made the offer to buy Twitter at the top of the year, but in April, he decided to back out of the deal. Now, according to reports from CNBC, the deal may conclude successfully soon. Both sides have yet to confirm the deal to be official.
The Twitter takeover deal was reportedly struggling to conclude due to an issue with receiving $13 billion in debt financing. It’s unknown if this issue was resolved.